Archive for April, 2012

Reported earlier today, Illinois is having great success with their unclaimed property auction. They have experienced high numbers of visitors since the site launched. 14,734 out of 14,866 items were sold on the website. These items were all items that have been unclaimed in over 5 years.

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The unclaimed money pile is a problem that all states across United States are dealing with, especially Florida, who claims the figure to be in the millions when it comes to unclaimed inheritance money. State initiatives are not yielding the desired results.

The state agencies in Florida, which includes the treasury itself, claims that Florida unclaimed property accumulated up to an approximate of more than $1 million. As per the agencies, the primary source that contributes to the growing pile are the dormant accounts lying with the financial institutions, like banks, while other sources are company holdings and utility securities. Other contributors to the pile of unclaimed inheritance money in Florida include coins, jewelry, stamps, currency and un-cashed gift checks.

One of the auditors of the Oklahoma’s treasurer’s office is accused of stealing unclaimed money from the treasury. She is accused of stealing around $30,000 from the unclaimed money pile. Oklahoma currently has around $350 million existing in unclaimed money.

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Reported today in the August Chronicle, George alone has $30 million in the form of unclaimed IRS money. This unclaimed IRS money is all from the year 2008, belonging to a majority of college students and senior citizens.

Anyone who worked part time jobs in 2008 is more likely to have some of this $30 million waiting for them. This consists mainly of people who made too little to have to file for an income tax return.

The state of Georgia is urging anyone who might think they have unclaimed money to come forward and take the steps to claiming it back.

New Mexico is holding lost funds worth millions of dollars in the form of savings bonds and many other forms of money. These forms of New Mexico unclaimed property is more of a burden as most of these bonds have matured and stopped earning interests.

The department of state treasury of New Mexico has accepted the fact that the pile of unclaimed money over the years has increased at an alarming rate. Despite the efforts of the state agencies, there has been no improvement in the number of people showing up to claim what is rightfully theirs. However, there has been certain improvements after the introduction of certain state initiatives like the “Unclaimed Savings Bond Act” that was passed in the year 2009. This act offers support to all the state run unclaimed property programs that deal with educating masses about the importance of lost property and their burden on the state agencies.

Missourinet.com reported today that unclaimed money still exists in the state of Missouri. Missouri is holding on to a lot of different items found in safety deposit boxes that were left behind. Some of these items include signed baseball cards, military medals, and even a bronze star.

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Reported as a top story in NJ.com, the state of New Jersey is currently collecting unused gift cards. Unclaimed or unused gift cards serves as a potential source of revenue for the state of New Jersey. However, the main source of income will come from unused travelers checks.

The state will also be requiring gift card sellers to get the zip code of the purchaser so the value can be obtain if unused after 2 years. However, this does not mean the the gift cards will expire after 2 years; shoppers will still be able to redeem these gift cards after 2 years of no-use.

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